 \vspace{2mm} \\ \begin{tabularx}{\hsize}{@{\hskip\tabcolsep\extracolsep\fill}l*{5}{S}}
\toprule     \multicolumn{5}{l}{\textbf{Panel B: Rebate Recipients Only}} \\ \midrule
 &   \multicolumn{2}{c}{ Homogeneous Treatment} &  \multicolumn{3}{c}{Heterogeneous Treatment} \\ 
 \cmidrule(l{.75em}){2-3} \cmidrule(l{.75em}){4-6}
                    &\multicolumn{1}{L}{(1)}        &\multicolumn{1}{L}{(2)}        &\multicolumn{1}{L}{(3)}        &\multicolumn{1}{L}{(4)}        &\multicolumn{1}{L}{(5)}        \\
\hline
\\
Rebate Indicator    &      779.23$^{**}$ &      551.34$^{*}$  &     -276.02        &      266.66        &      122.10        \\
                    &    (310.22)        &    (315.93)        &    (447.00)        &    (312.34)        &    (567.69)        \\
Lag 1 Rebate Indicator&                    &     -462.55        &    -1316.29$^{***}$&     -541.04$^{*}$  &     -450.63        \\
                    &                    &    (330.43)        &    (508.51)        &    (296.34)        &    (456.07)        \\
Lag Total Spending (PSMJ)&                    &                    &                    &       -0.56$^{***}$&       -0.56$^{***}$\\
                    &                    &                    &                    &      (0.04)        &      (0.04)        \\
Lag Motor Vehicle (PSMJ)&                    &                    &                    &       -0.44$^{***}$&       -0.45$^{***}$\\
                    &                    &                    &                    &      (0.04)        &      (0.04)        \\
Lag Non-durable (PSMJ)&                    &                    &                    &        0.41$^{***}$&        0.42$^{***}$\\
                    &                    &                    &                    &      (0.07)        &      (0.07)        \\
\hline
Implied 3-month MPC &\multicolumn{1}{c}{0.86}        &\multicolumn{1}{c}{0.61}        &\multicolumn{1}{c}{-0.31}        &\multicolumn{1}{c}{0.30}        &\multicolumn{1}{c}{0.13}        \\
Income Decile FE    &\multicolumn{1}{c}{No}        &\multicolumn{1}{c}{No}        &\multicolumn{1}{c}{No}        &\multicolumn{1}{c}{Yes}        &\multicolumn{1}{c}{Yes}        \\
Exclude 2+ Rebate   &\multicolumn{1}{c}{No}        &\multicolumn{1}{c}{No}        &\multicolumn{1}{c}{No}        &\multicolumn{1}{c}{No}        &\multicolumn{1}{c}{Yes}        \\
Observations        &\multicolumn{1}{c}{10,343}        &\multicolumn{1}{c}{10,343}        &\multicolumn{1}{c}{10,343}        &\multicolumn{1}{c}{10,343}        &\multicolumn{1}{c}{10,076}        \\
\hline\hline \end{tabularx} \begin{minipage}{\hsize} \rule{0pt}{9pt} \footnotesize Notes: The dependent variable is the change in Total Spending (PSMJ).    Regressions include interview (time) fixed effects, and household level controls for age, change in number of adults, and change in number of children. Standard errors for the 6-month MPC are estimated via Delta-method.  The rebate coefficients in  columns (3), (4), and (5) are the weighted average of the interaction between rebate cohort and the (lagged) rebate indicator with weights computed following Sun and Abraham (2021). Standard errors, in parentheses, are clustered at the household level: $ \:^{*}\:p<0.1,\:\:^{**}\:p<0.05,\:\:^{***}\:p<0.01 $.  \end{minipage} \label{tab:Table_AE4} \end{table}
